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Global Macro-Market Outlook

Canada Outlook Update: External Risks Undermine Domestic Demand

  • Growth in 2011 will suffer as external headwinds from the weaker U.S. outlook weigh on domestic demand.
  • Consumer spending and business investment will continue to be the main growth drivers, offsetting weaker net exports amid faltering external demand and softer commodity prices.
  • In response, the Bank of Canada (BoC) will further delay policy normalization to counterbalance moderating domestic and U.S. growth and fiscal austerity measures.

Figure 1: Latest Data and RGE Forecasts 
Figure 1
*Year-end policy rates

Macroeconomic Dynamics: External Headwinds Threatening Domestic[...]

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